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Steve Rotheram Launches £2.24m High Growth Innovation Fund
Steve Rotheram, Mayor of the Liverpool City Region, has announced a new £2.24m High Growth Innovation Fund to help dozens of small and medium-sized enterprises (SMEs) to grow and create good quality jobs.
The £2.24m fund is intended to support existing Liverpool City Region businesses to get new products or services to market, or develop new processes to help them adapt and grow, contributing to the region’s post-pandemic economic recovery.
The High Growth Innovation Fund builds on two pilot rounds of the Future Innovation Fund which saw 35 local companies receive support worth £2.1m. It will contribute to Mayor Rotheram’s ambition to invest 5% of regional GVA on Research and Development (R&D) by 2030 – nearly double the government’s UK target.
Speaking about the High Growth Innovation Fund, Mayor Steve Rotheram said:
Councillor Jan Williamson, Liverpool City Region Combined Authority Portfolio Holder for Inclusive Economy and Third Sector, said:
Asif Hamid, MBE, Chair of the Liverpool City Region LEP and portfolio lead for Business Support for the Liverpool City Region Combined Authority said:
The High Growth Innovation Fund is part of a new £6.6m LCR High Growth Programme, that will provide a range of tailored business support to high growth SMEs, complementing the £75 million Business Support Package launched by Mayor Rotheram in September 2019 – the largest of its kind in decades when it was first announced.
The fund, which will be delivered by Growth Platform – the Liverpool City Region’s Growth Company, is open to projects from any sector, speciality or technology (except those specifically excluded in the eligibility criteria). Applicants must have 50% match funding, must not use the funding to pay existing salaries and should aim to demonstrate impact within six months of receiving a grant.
Proposals must also align to at least one of the city region’s six strategic priority areas (as outlined in its draft Local Industrial Strategy), namely: Open Health Innovation; Sustainable Industrial Future; Global Cultural Capital; Zero Carbon Economy; Tech for Good; and Digitalisation.
Applications for the new High Growth Innovation Fund are now open and will close at 5pm on Friday 20 May. For more detail on how to apply, including eligibility criteria, please visit
www.growthplatform.org/programme/high-growth-innovation-fund/
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